QuidelOrtho (NASDAQ:QDEL) Shares Gap Down – Here’s What Happened

QuidelOrtho Co. (NASDAQ:QDEL)’s share price gapped down before the market opened on Monday . The stock had previously closed at $40.83, but opened at $39.91. QuidelOrtho shares last traded at $39.59, with a volume of 157,997 shares traded.

Analyst Ratings Changes

Several research firms have commented on QDEL. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a research note on Friday, August 16th. UBS Group began coverage on QuidelOrtho in a report on Thursday, September 19th. They set a “neutral” rating and a $50.00 price target on the stock. Finally, Craig Hallum upgraded QuidelOrtho from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.83.

QuidelOrtho Trading Down 1.9 %

The firm has a 50 day moving average of $43.48 and a 200 day moving average of $40.63. The firm has a market cap of $2.61 billion, a PE ratio of -1.43 and a beta of 0.09. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The company had revenue of $637.00 million during the quarter, compared to the consensus estimate of $613.51 million. During the same quarter in the prior year, the company earned $0.26 EPS. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities analysts anticipate that QuidelOrtho Co. will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 158,090 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $38.85, for a total transaction of $6,141,796.50. Following the sale, the insider now owns 9,444,215 shares of the company’s stock, valued at $366,907,752.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 792,712 shares of company stock worth $31,676,120 over the last quarter. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of QuidelOrtho

Several institutional investors and hedge funds have recently bought and sold shares of QDEL. Vanguard Group Inc. increased its holdings in shares of QuidelOrtho by 0.8% in the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock worth $233,906,000 after purchasing an additional 37,733 shares during the period. Rubric Capital Management LP grew its position in QuidelOrtho by 51.9% during the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after buying an additional 1,245,590 shares in the last quarter. Maverick Capital Ltd. raised its holdings in shares of QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after acquiring an additional 372,662 shares in the last quarter. Private Management Group Inc. boosted its position in shares of QuidelOrtho by 33.4% during the 2nd quarter. Private Management Group Inc. now owns 610,621 shares of the company’s stock valued at $20,285,000 after acquiring an additional 152,769 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of QuidelOrtho by 9.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock worth $19,705,000 after purchasing an additional 52,729 shares in the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Company Profile

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.